| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #14898 | Closed | public | Multifamily | Les Sparks |
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Hi Les, We have a couple of major HUD projects that have received extra HUD subsidy above the gross potential of the project. For amounts over, we have reclassed the payments to prepaid rent (deferred) and will recognize it next year. Is that an appropriate method? In addition, do we need to report this line item in the calculation of surplus cash? Thank you for any guidance you have on this. |
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In this case it depends entirely on what and why money was received. If the money was CSP money that they applied for, then the amounts are recorded in account 5193 and are not part of GPR. The only other source of money that would come from Sec * would be additional funding from HUD that would account for tenants being out of work and needing more subsidy. In that case the total received cannot exceed GPR. SO, what was the money for? Les Sparks AHACPA (801) 547-0809 From: AHACPA Support <support@ahacpa.org> |